This research assesses the relative contribution of splenic contraction and fluid shifts out of the vascular compartment to the increases in packed cell volume associated with Agility exercises. It also aims to evaluate the changes in the concentrations of electrolytes and markers of hydration state. Fifteen dogs of both sexes were subjected to an Agility exercise of an approximate duration of 100 s. Blood samples were obtained within the first 30 s after competition and at 5, 15, and 30 min of recuperation. Resting values were established previously. The following parameters were determined: packed cell volume (PCV), plasma lactate (LA), total plasma protein (TPP), albumin (ALB), urea (BUN), creatinine (CREA), chloride (Cl), calcium (Ca), phosphorus (P), sodium (Na) and potassium (K). Changes in plasma volume (PV), total RBC volume (V_RBC) and blood volume (BV) were calculated immediately after exercise and at 30 minutes of recovery. It was found that during Agility competition, BV, V_RBC and PV increased 12, 21 and 4% respectively, indicating that the spleen contraction was the main determinant on the increase of BV. In comparison with resting values, BV decreased after recuperation (-5%), due to the recapture of erythrocytes by the splenic reserve (V_RBC, -12%). Additionally, Agility exercise induced increases in plasma Cl and LA, with significant reductions of ALB, Ca and P and absence of modifications in Na, K, BUN and CREA concentrations.